Global Biotech Corp. (OTCPK:GBIQ) acquired Biocardel Quebec for $5 million in cash and stock on December 16, 2013. Biocardel Quebec will be merged with Global Biotech Corp. The consideration is payable as follows: $0.1 million at signing of the agreement, $2.4 million in 9 months, as a balance of sale and $2.5 million in preferred convertible shares of Global. These shares are convertible at a 25% discount to the 90 trading -day average sales price of the common shares, whenever Global chooses to exercise the conversion rights. At present, no Officer or Director of Biocardel Quebec will become an Officer or Director of Global.

Global Biotech Corp. (OTCPK:GBIQ) completed the acquisition of Biocardel Quebec on December 16, 2013.